Imation Sells XtremeMac

Imation announced last week, as part of its quarterly earnings release, that it has sold XtremeMac to an undisclosed party. The reason for the sale, the company said, was “to divest lower margin, non-core businesses.”

The sale follows that of Memorex last year.

“As I have mentioned in the past, we restructured the company and are going to market with two channel focused business units that can make quick decisions; they are called, first, Consumer Storage and Accessories or CSA and secondly Tiered Storage and Security solutions or TSS,” CEO Mark E. Lucas said on the earnings call, according to a Seeking Alpha transcript.

The company posted a profit of $16.7 million in the fourth quarter, compared with a $310.2 million loss the same time last year.